The present invention relates to financial systems, products or the like and more particularly to a method and system to evaluate illegal use of financial systems, products or the like, such as money laundering or similar schemes.
With the use of financial systems, products and the like by radical persons and other unlawful persons to finance and support their activities, governments have promulgated guidelines and regulations to detect and monitor use of such systems and products. Compliance with these governmental guidelines and regulations can impose significant burdens on financial institutions. Monitoring every transaction for the possibility of use with respect to illicit or illegal activity can be an insurmountable task. Additionally, an audit trail may be needed to show compliance with governmental laws and regulations or institutional directives and policies. There may also be a need to document why certain actions were taken or not taken or justification for a certain level of scrutiny placed on various customers. There may also be issues with respect to only profiling particular customers so additional basis or criteria for monitoring certain customers or taking particular actions may be needed.